Essentials of Business Law - Exam 3 (Final)

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  1. Landlord
    The owner of real property who gives up his or her right of possession.
  2. Tenant
    The person who agrees to pay for the use of real property.
  3. Lease
    The document in which the terms of a rental agreement are written.
  4. Lessor
    The landlord in a lease agreement.
  5. Lessee
    The tenant in a lease agreement.
  6. Covenant
    An agreement made by either a landlord or a tenant to do certain things.
  7. Conditions
    Restrictions that limit the use of the property.
  8. Fair housing act
    A federal law that prohibits discrimination in housing on the basis of race, color, sex, familial status, national origin, religion, or handicap.
  9. Periodic tenancy
    A possession interest in which the lease continues for successive periods for the same length of time.
  10. Tenancy for years
    The most common type of possession interest in which the lease is for a specific period of time.
  11. Tenancy at will
    A possession interest in which no specific time of lease is agreed upon.
  12. Tenancy at sufferance
    A tenancy that exists only when a tenant wrongfully extends his or her tenancy beyond the term agreed upon.
  13. Warranty of habitability
    An implied warranty in which the landlord guarantees that the premises are reasonably fit for occupancy and that there are no defects that would impair the health, safety, or well-being of the occupants.
  14. Mitigate
    The duty of a landlord to make reasonable efforts to reduce his or her losses resulting from a tenant's abandonment.
  15. Quiet enjoyment
    The right to use the leased premises without unreasonable interferences from the landlord or third parties.
  16. Eviction
    An action that denies the tenant the use of the premises.
  17. Assignment of lease
    When a tenant transfers his or her entire interest in the entire premises for the remaining length of the term of the lease.
  18. Sublease
    A transfer of the tenant's interest in part of the term of the lease and/or part of the premises.
  19. Decedent
    A deceased person.
  20. Will
    A person's declaration of how he or she wishes property to be distributed upon his or her death.
  21. Testator
    The person who makes a will.
  22. Probate court
    The court responsible for accepting a will that meets all statutory requirements and for supervising the operation of a will.
  23. Personal representative
    The person responsible for settling the affairs of the decedent.
  24. Executor
    A personal representative named in the will.
  25. Administrator
    A personal representative appointed by a court.
  26. Interstate
    The state in which a person dies without a will.
  27. Beneficiary
    An individual who receives gifts of personal or real property by will.
  28. Legacy
    A gift of money by will.
  29. Bequest
    A gift of personal property by will.
  30. Ademption
    When a specific bequest of personal property is made, but the personal property is disposed of before the death of the testator.
  31. Devise
    A gift of real property by will.
  32. Holographic will
    A will that is completely handwritten.
  33. Nuncupative will
    An oral will.
  34. Testamentary capacity
    The requirement that a testator be of sound mind and legal age.
  35. Codicil
    A document, separate from the will, in which a person can make legal changes to his or her will.
  36. Advanced directive
    A device that documents an individual's expressed wishes regarding his or her health care in the event that the individual is incapacitated without hope of recovery.
  37. Living will
    A document in which a person directs his or her physician and/or health proxy to forgo certain extraordinary medical procedures in especially dire circumstances.
  38. Trust
    A device or mechanism that permits personal or real property to be held by one party, the trustee, for the benefit of another, the beneficiary.
  39. Trustee
    A person who is entrusted with the management and control of another's property rights associated with that property.
  40. Settlor
    A person who sets up a trust while still alive.
  41. Intellectual property
    Personal property that includes knowledge, ways of doing things, and expressions of ideas.
  42. Trade secret
    Specialized knowledge associated with a particular business, including information gained during employment about such matters as manufacturing processes, practices, devices, customer lists, and other confidential information.
  43. Electronic espionage act of 1996
    A statute that makes the misappropriation or outright theft of trade secrets a federal crime.
  44. Restrictive covenant
    An agreement in which the employee agrees not to work in similar employment within a certain geographic area or within a specified period of time.
  45. Agreement not to compete
    An agreement in which the seller of a business agrees not to begin or operate a similar business within a certain geographic area or within a specified period of time.
  46. Trademark
    Any word, name, symbol, or device or combination thereof adopted and used by a manufacturer or merchant to identify his or her goods and distinguish them from goods manufactured or sold by others.
  47. Trade dress
    A distinctive, nonfunctional feature that distinguishes a merchant's or manufacturer's goods or services from those of another.
  48. Cybersquatting
    Registering or using another person's or company's domain name in bad faith for the purpose of earning a profit.
  49. Copyright
    A valid, government-granted protection given to creators of literary, creative, or artistic works.
  50. Infringement
    Copying another's literary, creative, or artistic works without permission.
  51. Fair use
    Limited copying allowed when the copyrighted material is copied without authorization for use in connection with criticism, news reporting, research, education, or parody.
  52. Substantial similarity test
    A test that is used to determine whether an ordinary reasonable observer comparing two works would have to conclude that the work being questioned was copied from the other.
  53. Patent
    A valid, government-granted protection awarded to inventors that gives the patent holder the exclusive right to manufacture, use, and sell the invention.
  54. Design patent
    A patent awarded to individuals or business firms to protect distinctive patterns, figures, and shapes and to prevent unauthorized copying.
  55. Cookie
    A file that is embedded on the hard drive of a computer, often without a person's knowledge, that collects and stores information about the user and his or her online behavior, including websites that have been visited.
  56. Spyware
    Software that can change a computer's security settings or steal a victim's personal information, such as e-mail addresses, bank account numbers, and credit card numbers.
  57. Phishing
    The practice of tricking individuals into disclosing personal information via e-mail.
  58. Spoofing
    A practice in which a legitimate website is reproduced to fool users into thinking that they are connected to a trusted site.
  59. Hacker
    A person who gains unauthorized access to computers either for mischief or with criminal intent.
  60. Virus
    Instructions hidden in software with the potential to cause significant damage to both hardware and software.
  61. Electronic Communications Privacy Act (ECPA)
    A federal statute that addresses hacking and other forms of illegal conduct by making it a crime to gain unauthorized access to any communication that is stored on a computer system.
  62. USA Patriot Act
    A federal statute that lowers the standards required for law enforcement officials and government agents to monitor e-mail and personal electronic information, allows increased government cybersurveillance, and makes it easier to charge persons with serious computer-related crimes.
  63. Computer Fraud and Abuse Act (CFAA)
    A federal statute that prohibits unlawful access to computers used in national defense, by financial institutions, or by governments.
  64. Worm
    A type of virus that replicates itself and uses memory but cannot attach itself to other programs.
  65. Electronic Funds Transfer Act (EFTA) of 1979
    A federal statute that makes it an offense to use any device that is part of an electronic transfer mechanism to steal money, goods, or services or to alter data, interrupt wire transmissions, or use stolen codes or passwords, when the purpose of such activity is to obtain something of value unlawfully.
  66. Public figure
    A well-known person who implicitly allows others to write about him or her in newspapers and magazines and discuss his or her conduct on television and radio.
  67. Spam
    Unsolicited e-mails sent for commercial purposes.
  68. Controlling the Assault of Non-Solicited Pornography and Marketing Act (CAN-SPAM)
    A federal statute that limits the circumstances under which commercial e-mail may be utilized.
  69. Securities and Exchange Commission (SEC)
    The federal agency responsible for administering the statutes relating to the sale and trading of securities.
  70. Securities Act of 1933
    The federal law covering the sale of securities (stocks, bonds, and other forms of investment) in the primary market.
  71. Primary market
    The place where a corporation (an issuer) sells its securities to the public.
  72. Prospectus
    A document that provides relevant and important information about a company, its businesses, and its prospects to prospective investors.
  73. Securities Exchange Act of 1934
    The federal law covering the trading of securities (stocks, bonds, and other forms of investment) in the secondary market.
  74. Secondary market
    The place where one member of the public sells securities to another member of the public.
  75. Touting
    An activity in which an investor who owns shares of a company's stock posts notices online-that indicate that the value of the stock will increase.
  76. Insider trading
    An illegal activity in which a person who has confidential information about a particular company purchases shares of the company's stock with the intention of selling these shares for a higher price when the information is released to the general public.
  77. Federal Trade Commission (FTC)
    The federal agency responsible for ensuring that advertising in the United States is truthfu.l
  78. Deceptive advertising
    An advertisement that contains a material misrepresentation, omission, or practice likely to mislead a consumer who acts reasonably under the circumstances.
  79. Digital Millennium Copyright Act (DMCA) of 1998
    A federal statute that provides that ISPs are not liable for copyright infringements by their subscribers so long as they adhere to certain requirements.
  80. Electronic Signatures in Global and National Commerce Act (ENSIGN) of 2000
    A federal statute that provides that electronic contracts containing electronic signatures are just as enforceable as those that are printed on paper.
  81. Alternative dispute resolution (ADR)
    A system in which contract disputes and other disagreements are resolved by using means other than a lawsuit.
  82. Mediation
    A process for dispute resolution in which a neutral third party meets with the disputants in order to have them come to some form of settlement agreement.
  83. Arbitration
    A process for dispute resolution in which a neutral third party decides a case as if he or she were a judge and jury.
  84. Nexus
    The link or tie that a location must have to a sale in order for the location to collect sales tax.
  85. Use tax
    A tax to a consumer who uses goods within a state, as opposed to buying them within the state.
  86. Internet Tax Freedom Act
    A federal statute that placed a moratorium on taxing Internet service providers on the services they provide to computer users.
  87. Respondeat superior
    A legal doctrine that holds that the acts of an employee committed while performing duties are considered the acts of the employer.
  88. Independent contractor
    One who contracts to do a job and who retains complete control over the methods employed to obtain completion.
  89. Employment at will
    A doctrine that states that an employer may terminate an employee's employment at any time for a good reason, a bad reason, or no reason at all.
  90. Employment contract
    An agreement that specifies that the employer agrees to pay, and the employee agrees to work, for a specified period of time at a specified salary.
  91. Employee handbook
    A manual published by an employer that contains the many policies of the firm.
  92. Fair Labor Standards Act of 1938
    The FLSA is a law that sets standards for the minimum age an employee can be, the minimum wages an employee can earn, and the rate at which an employee is paid if he or she works more than a certain number of hours in a given workweek.
  93. Worker's compensation
    A type of insurance that allows employees to recover damages for work-related injuries and illnesses without having to prove negligence on the part of the employer.
  94. Exclusive remedy
    A doctrine that states that an employee who sustains a work-related injury or illness can recover damages only through workers’ compensation and may not file a lawsuit against his or her employer.
  95. Occupational Safety and Health Act of 1970
    A federal statute designed to promote safety and health in the workplace.
  96. Occupational Safety and Health Administration (OSHA)
    The federal agency that administers the many provisions of the Occupational Safety and Health Act of 1970.
  97. Ergonomics
    A developing science that deals with designing workplaces to promote safety and health.
  98. Affirmative action plans
    Detailed records that demonstrate that an employer’s practices are nondiscriminatory.
  99. Civil Rights Act of 1964
    A federal statute designed to protect individuals from illegal discrimination.
  100. Title VII
    The portion of the Civil Rights Act of 1964 that deals with discrimination in employment.
  101. Equal Emplyment Opportunity Commission (EEOC)
    A federal agency responsible for administering laws prohibiting discrimination in employment.
  102. Equal Pay Act of 1963
    A statute that prohibits any employer from engaging in wage discrimination based on sex.
  103. Age Discrimination in Employment Act of 1967
    A federal statute designed to protect individuals from illegal discrimination in employment on the basis of age.
  104. Pregnancy Discrimination Act of 1978
    A federal statute designed to protect individuals from illegal discrimination in employment on the basis of pregnancy.
  105. Americans with Disabilities Act (ADA) of 1990
    A federal statute designed to protect individuals from illegal discrimination in employment on the basis of disability.
  106. Civil Rights Act of 1991
    A federal statute that provides additional remedies to an employee who can prove that he or she was a victim of discrimination.
  107. Sexual harassment
    Unwelcome sexual attention, whether verbal or physical, that affects an employee’s job condition or creates a hostile working environment.
  108. National Labor Relations Board (NLRB)
    A federal agency responsible for administering laws relating to labor unions.
  109. Collective bargaining ageement
    A contract between a union and an employer that covers all terms and conditions of employment.
  110. Wildcat strike
    A strike without the union's consent.
  111. Slowdown
    An action wherein employees report to work but intentionally decrease their productivity.
  112. Lockout
    An action by which an employer does not allow employees to return to work in the event a collective bargaining agreement is not reached.
  113. Family Medical Leave Act of 1993
    A federal statute that provides eligible employees with the right to take up to 12 weeks of unpaid leave for personal medical reasons or to care for a child, spouse, or parent.
  114. Unemployment insurance
    Unemployment insurance provides financial stability, in the form of unemployment compensation, to eligible employees who lose their jobs.
  115. Product liability
    The liability of a manufacturer or seller for injury to purchasers, users, and third parties.
  116. Product flaw
    An abnormality or a condition that was not intended and that makes a product more dangerous than it would have been had it been as intended.
  117. Failure to warn
    The dereliction of a duty to advise purchasers and users of dangers inherent in a product.
  118. Design defect
    A fault in a product that creates a hazardous condition that causes injury.
  119. Strict liability
    The doctrine under which persons may be liable for injuries to others whether or not they have been negligent or committed an intentional tort.  This establishes liability without necessity of proving fault.
  120. Food and Drug Administration (FDA)
    The federal agency responsible for the safety of food and drugs sold in the United States.
  121. Consumer Product Safety Commission (CPSC)
    The federal agency responsible for the safety of consumer products sold in the United States.
  122. Master Settlement Agreement
    A contract in which the major cigarette manufacturers in the United States agreed not to engage in certain advertising strategies.
  123. National Highway Traffic Safety Administration (NHTSA)
    The federal agency responsible for the safety of automobiles sold in the United States.
  124. Professional
    A person who does highly specialized work that depends on special abilities, education, experience, and knowledge.
  125. Malpractice
    A professional's improper or immoral conduct in the performance of his or her duties through carelessness or lack of knowledge.
  126. Good Samaritan laws
    Statutes that provide medical professionals who render emergency care or treatment to injured individuals outside the scope of their regular employment immunity from malpractice lawsuits.
  127. Loss of constortium
    In a lawsuit by a spouse, a request for damages for loss of companionship.
  128. Churning
    A financial planner's unreasonably excessive buying or selling of securities to generate commissions.
  129. Statute of limitations
    A legal time limit in which to initiate a lawsuit.
  130. Title insurance
    A form of insurance that assures the buyer of real property that there  are no other claims to the ownership.
  131. Whole life insurance
    A relatively costly form of life insurance protection that includes a savings feature.
  132. Term insurance
    A form of pure life insurance with no savings feature.
  133. International law
    The broad study of the legal systems of major countries, treaties, practices, tariffs and nontariff trade barriers, and import and export quotas.
  134. Comity
    A discretionary doctrine that holds that the courts of one country should refrain from deciding cases involving the acts of persons from another country.
  135. Transnational institutions
    Organizations whose purpose is to maintain legal and economic order in trade.
  136. General Agreement on Tariffs and Trade (GATT)
    An international agreement that provides a set of rules to ensure that there is no discrimination in trade by its signatories and also spells out a process for resolving international trade disputes.
  137. World Trade Organization (WTO)
    An organization with responsibility for overseeing the implementation of all multinational trade agreements negotiated now or in the future.
  138. International Monetary Fund (IMF)
    An organization whose purpose is to maintain a stable environment for the economics and the currencies of its members by providing  protection against large fluctuations in the value of one currency versus another.
  139. World Bank
    A popular name given to the International Bank for Reconstruction and Development, an organization that works closely with the International Monetary Fund to ensure that developing countries have access to funds to stimulate their economies.
  140. North American Free Trade Agreement (NAFTA)
    An economic agreement aimed at promoting and facilitating trade among the United States, Canada, and Mexico.
  141. European Union (EU)
    An entity that established a legal and political relationship among its members that promotes economic growth as well as social and cultural affiliations.
  142. Trade sanctions
    Legal restrictions, such as embargoes, placed on trade to achieve desired political results.
  143. Tariff
    A form of tax, or other restrictions, on imports or exports to attain economic results, such as protecting domestic industries or facilitating the production of certain crops.
  144. Quota systems
    Restrictions on the numbers and kinds of products that may enter into a nation.
  145. Boycott
    Citizens' refusal to purchase goods made by a particular business - for example, a business located in another country.
  146. Foreign Corrupt Practices Act (FCPA)
    A federal statute designed to provide executives of American companies with rules and restrictions relating to paying persons in foreign countries to expedite business in these foreign nations.
  147. Contracts for the International Sale of Goods (CISG)
    A treaty created to establish a universal set of legal procedures to be applied to contracts covering international transactions.
  148. Foreign Sovereign Immunities Act (FSIA)
    A federal law passed in 1976 that established certain exceptions to foreign sovereign immunity.
  149. World Intellectual Property Organization (WIPO)
    A specialized agency of the United Nations that administers numerous treaties concerning protection of intellectual property rights.
Card Set:
Essentials of Business Law - Exam 3 (Final)
2014-06-11 20:06:30
Business Law

Chapters 26-35 (Excluding chapters 25,36)
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